As the cryptocurrency world anticipates the US Securities and Exchange Commission's (SEC) decision on ethereum spot ETFs, Samson Mow, CEO of bitcoin adoption company Jan3, has twitter.com/Excellion/status/1793390813705298015?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>voiced skepticism about the potential of ethereum-based ETFs compared to bitcoin.
He maintains that the imminent approval of these funds is not necessarily a bullish sign for ethereum, and predicts that they will “massively underperform” compared to bitcoin ETFs.
Mow's Call: Why ethereum Holders Should Probably Cash Out Now
Elaborating on comments from bitcoin proponents, Mow suggests that this period may be the last opportunity for ethereum holders to sell their holdings at a favorable price relative to bitcoin.
He points to the lack of staking rewards and lower demand for ethereum in several markets as reasons for his stance. According to Mow, “This is the last chance to sell eth above 0.05 btc.”
<blockquote class="twitter-tweet”>
ethereum Spot ETF Approvals Not Optimistic As They Will Certainly Underperform twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>#bitcoin ETF. Compare the demand in other markets where both exist and keep in mind that they will not give rewards for staking. This is the last chance to sell eth above 0.05 btc.
– Samson Mow (@Excellion) twitter.com/Excellion/status/1793390813705298015?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>May 22, 2024
Most echoed his sentiments in the comments of Mow's posts, which were restricted to only his followers or people he mentioned. A user named 'VeteranHODL' x.com/VeteranHODL/status/1793394307329581409″ target=”_blank” rel=”noopener nofollow”>He suggested Mow agreed that ethereum ETFs could become the “biggest selling news event this year,” stating, “A lot.”
Another commenter, 'Satu Madu', speculated that these ETFs could divert funds from bitcoin ETFs, a theory that Mow dismissed citing the lack of significant ethereum accumulation by major institutional investors like MicroStrategy.
<blockquote class="twitter-tweet”>
I doubt. show me a twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>$MSTR seriously accumulating ethereum.
– Samson Mow (@Excellion) twitter.com/Excellion/status/1793443540762309086?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>May 23, 2024
Meanwhile, ethereum's market performance has been strong so far, with an increase of almost 30% over the past week and a 2.9% increase in the last 24 hours alone, taking its price to $3,792. This surge comes amid speculation and investor interest in the outcome of the SEC's pending decision on ethereum spot ETFs.
Information about bitcoin Spot ETFs
On the other side of the crypto ETF spectrum, bitcoin spot ETFs have seen significant inflows, indicating strong investor interest. According to SoSoValue btc-spot” target=”_blank” rel=”noopener nofollow”>dataNet inflow reached a record $154 million on May 22, marking the eighth consecutive net inflow.
Among the various bitcoin spot ETFs, BlackRock's IBIT recorded the largest net inflow of the day at $91.95 million, bringing its total to $16.08 billion. Fidelity's FBTC also showed strong performance with a daily net inflow of $74.57 million, culminating in $8.65 billion.
In contrast, Grayscale's GBTC saw a net outflow of $16.09 million, contributing to its total historical net outflow of $17.63 billion, indicating divergent investor sentiment within the sector.
The total net asset value of bitcoin spot ETFs has reached $59.2 billion, with a net asset ratio of 4.33%. Cumulative net inflow now stands at $13.33 billion, reflecting growing confidence and sustained interest in bitcoin through these investment vehicles.
Featured image from Unsplash, chart from TradingView
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